Cryptopolitan
2025-05-02 12:00:22

Hyperliquid breaks above $20 as $200M stablecoins added in April

Hyperliquid (HYPE) broke above $20 after weeks of climbing. The token reflected the improving crypto sentiment in April, as well as the potential of altcoins to regain their positions. HYPE rallied to a one-month high of $20.44 after solidifying its positions in April. HYPE is highly responsive to market sentiment, as the perpetual DEX reflects demand for high-risk leveraged trading. According to Arthur Hayes , co-founder of BitMEX and crypto influencer, HYPE is a sign that altcoins can still deliver returns, even though an official ‘altcoin season’ has not been announced. The most asked question of me recently: wen alt szn? Sometimes it’s just staring you in the face. $HYPE pic.twitter.com/SoUcFhOtAQ — Arthur Hayes (@CryptoHayes) May 2, 2025 HYPE has now returned to early February levels and has been on an expansion track since April 7. Since then, HYPE has added more than 100% to its price, setting expectations for revisiting its price record. HYPE started April at $14.40, sinking to lows of around $10.17. On active days, HYPE retained relatively high trading volumes of $150M to $200M. Hyperliquid also serves as a proxy for interest in trading altcoins, in addition to its most active BTC and ETH markets. The DEX remained resilient, offering both long and short opportunities during April’s market correction and recovery. HYPE rises on expectations of new airdrop season One of the main reasons for HYPE’s growth is the expectation of a new airdrop season to be announced in May. For now, there is no official communication from the team. However, based on the Hyperliquid vesting schedule, 38.9% of the tokens are still available for community distribution. Around 37.4% of all HYPE are unlocked, potentially signaling new farming events. They keep updating the UI. Sadly i’m not really a perp person. Hyperliquid flywheel ♻️; – The higher $HYPE goes, the bigger the 2nd airdrop – The bigger the 2nd airdrop, more people buy $HYPE to farm – More people buy $HYPE to farm, the higher $HYPE goes pic.twitter.com/hbEipZYb5S — Victor.HL (@VictorTopDefiG) May 1, 2025 The Hyperliquid community is preparing for farming tasks, while the platform also draws in organic traffic. It expanded its available liquidity in the past month, based on increased trading demand. In April, the DEX saw a gradual but ongoing inflow of USDC stablecoins. As a result, the available liquidity increased by $200M, from around $1.33B to over $1.53B in early May. Hyperliquid regained some of its stablecoin liquidity with new inflows of USDC in April. | Source: Dune Analytics Hyperliquid surpassed all perpetual DEX protocols, with over $173B in trading volumes for the previous month. The DEX is down from January’s peak of $197B, but has retained most of its activity despite liquidations and aggressive whale traders . Hyperliquid to decentralize the listing process Hyperliquid continues to innovate, aiming to become the go-to hub not just for traders, but for creators and DeFi experts. Currently, Hyperliquid is testing perpetual DEX pairs deployed by third-party developers. The feature is live on testnet. The Hyperliquid protocol will support builder-deployed perps (HIP-3), a key milestone toward fully decentralizing the perp listing process. An MVP of this feature is live on testnet. Feedback is appreciated during this testing phase. Note that numbers and specifications below… — Hyperliquid (@HyperliquidX) May 2, 2025 The task of creating new market pairs will become decentralized in the future. However, to ensure no bad actors and market manipulation, Hyperliquid will require a stake of 1M HYPE. The new DEX perpetual pair launches will allow for additional fees. Hyperliquid is also drawing attention for its HyperEVM, an additional layer secured by the same consensus as the main Hyperliquid L1 chain. The eventual launch of HyperEVM will serve to point even more attention to the project. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

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